No Goal Investing Update: Month 9 – October 2025
Once bitten, twice shy—that’s the mood as I sit down to write this month’s update. In my post on the fifth month of this experiment, I was feeling bullish. Mr. Market was showing bullishness, but then the sixth month happened and I said what goes up must come down. Well this month, the markets have turned bullish again. In fact, after an interval of a year or so, Nifty finally breached the level of 26000 again this month.
But whether it’ll stay here—or do what goes up must… again, who knows.. I am happy to see the Diwali cheer going through the Indian equity market. Several large IPOs have come through and more are planned.
I don’t know if it’s just me, but every time there’s a rush of IPOs, the market seems to turn bullish. Or is it the other way around? Do the IPOs come because the market is bullish? I’ve seen this dance a few times now. Cause and effect—always blurry in hindsight.
As you can see in the below chart, Nifty went above the mount 26K briefly and right now it is resting just below. Whether it’ll decisively breach that and keep moving upwards for some time is something for the future.
This month 26th was Sunday. So, we have taken the positions and values from Friday, 24th October.
The update
At the end of September, Indu and Muthu seemed content. Shekhar, meanwhile, stood a step away from despondency—holding on to hope that last month’s dip was just a hiccup. Let’s see where they are this month.
There are a couple of things that all three have in common the conviction in their strategy and the discipline to keep investing.
This month, they all stayed true to plan and invested another INR 20,000 each.
Indu’s portfolio (The index fan) –
| Mutual Fund Scheme | Existing Units | New Investment | NAV | New Units | Total Units | Value |
| ICICI Pru Nifty 100 ETF | 9626.314 | 20000 | 29.55 | 676.819 | 10303.133 | 304457.58 |
| Invested Amount | 280000 |
| Current Value | 304457.6 |
Muthu’s portfolio (the mutual funds sahi hai guy) –
| Sr No | Mutual Fund Scheme | Existing Units | New Investment | NAV | New Units | Total Units | Value |
| 1 | ICICI Large and Mid Cap fund | 54.952 | 4000 | 1045.21 | 3.827 | 58.779 | 61436.46 |
| 2 | HDFC Mid-cap Opportunities fund | 286.693 | 4000 | 199.81 | 20.019 | 306.712 | 61284.2 |
| 3 | Parag Parikh Flexi Cap fund | 640.510 | 4000 | 87.33 | 45.803 | 686.313 | 59935.74 |
| 4 | Nippon India Multi Cap fund | 186.643 | 4000 | 305.4 | 13.098 | 199.741 | 61000.83 |
| 5 | HDFC Small Cap fund | 398.887 | 4000 | 142.56 | 28.058 | 426.945 | 60865.29 |
| Invested Amount | 280000 |
| Current Value | 304522.5 |
Shekhar’s Portfolio (the stock picker) –
| Stock | Existing Shares | New Investment | Buy Price | New Shares | Total Shares | Value |
| Aarti Industries | 12.26 | 400.00 | 381.7 | 1.05 | 13.31 | 5080.528 |
| Aarti Pharma | 7.15 | 417.89 | 832.4 | 0.50 | 7.66 | 6372.989 |
| Asian Paints | 2.26 | 400.00 | 2501.6 | 0.16 | 2.42 | 6054.76 |
| Astral | 3.65 | 400.00 | 1430.8 | 0.28 | 3.93 | 5628.602 |
| Axis Bank | 4.97 | 400.00 | 1241.9 | 0.32 | 5.29 | 6570.206 |
| Bajaj Finance | 4.50 | 400.00 | 1089.75 | 0.37 | 4.87 | 5303.875 |
| Bajaj Finserv | 2.77 | 400.00 | 2159.5 | 0.19 | 2.96 | 6387.049 |
| Bajaj Housing Finance | 45.58 | 400.00 | 110.21 | 3.63 | 49.21 | 5423.727 |
| Britannia | 0.99 | 400.00 | 6053 | 0.07 | 1.06 | 6407.843 |
| Chola Investment | 3.73 | 400.00 | 1733.6 | 0.23 | 3.96 | 6865.519 |
| Dabur | 10.32 | 400.00 | 508.45 | 0.79 | 11.11 | 5646.72 |
| Deepak Nitrite | 2.53 | 400.00 | 1757.1 | 0.23 | 2.76 | 4848.792 |
| Devyani International | 30.49 | 400.00 | 162.54 | 2.46 | 32.95 | 5355.356 |
| Divis Labs | 0.87 | 400.00 | 6593 | 0.06 | 0.93 | 6138.029 |
| DMART Avenue Supermart | 1.33 | 400.00 | 4213.9 | 0.09 | 1.42 | 5994.247 |
| Eicher | 0.96 | 400.00 | 6840 | 0.06 | 1.02 | 6961.575 |
| Garware Technical | 6.46 | 400.00 | 771.15 | 0.52 | 6.98 | 5379.796 |
| Havells | 3.39 | 400.00 | 1494.9 | 0.27 | 3.66 | 5469.656 |
| HCL Tech | 3.19 | 400.00 | 1523.8 | 0.26 | 3.46 | 5266.385 |
| HDFC Bank | 5.86 | 400.00 | 994.75 | 0.40 | 6.26 | 6229.518 |
| HUL | 2.20 | 400.00 | 2516.4 | 0.16 | 2.36 | 5941.367 |
| ICICI Bank | 3.99 | 400.00 | 1377.7 | 0.29 | 4.28 | 5896.132 |
| Indian Hotels | 6.79 | 400.00 | 735.9 | 0.54 | 7.33 | 5395.694 |
| Infosys | 3.15 | 400.00 | 1525.4 | 0.26 | 3.41 | 5204.912 |
| Jio Finance | 19.92 | 400.00 | 305.95 | 1.31 | 21.23 | 6493.86 |
| Kotak Mahindra Bank | 2.60 | 400.00 | 2187 | 0.18 | 2.78 | 6084.661 |
| L&T Technologies | 1.10 | 400.00 | 4172.7 | 0.10 | 1.20 | 4994.474 |
| LTI Mindtree | 0.98 | 400.00 | 5546 | 0.07 | 1.05 | 5824.592 |
| Mankind Pharma | 2.10 | 400.00 | 2432.4 | 0.16 | 2.27 | 5514.708 |
| Manyavar Vedant Fashions | 5.99 | 400.00 | 688.2 | 0.58 | 6.57 | 4521.432 |
| Metro Shoes | 4.45 | 411.14 | 1136.4 | 0.36 | 4.82 | 5473.023 |
| Muthoot Finance | 2.26 | 400.00 | 3163.1 | 0.13 | 2.39 | 7563.092 |
| Naukri Info Edge | 3.60 | 400.00 | 1377.8 | 0.29 | 3.89 | 5358.16 |
| Nestle | 4.58 | 400.00 | 1282 | 0.31 | 4.89 | 6266.16 |
| Nykaa | 28.07 | 400.00 | 250.59 | 1.60 | 29.66 | 7432.834 |
| Page Industries | 0.12 | 400.00 | 41025 | 0.01 | 0.13 | 5132.001 |
| PayTM | 5.94 | 400.00 | 1287 | 0.31 | 6.25 | 8041.207 |
| Pidilite | 3.61 | 400.00 | 1507.1 | 0.27 | 3.87 | 5835.615 |
| Reliance | 3.98 | 400.00 | 1451.6 | 0.28 | 4.26 | 6181.45 |
| SRF | 1.87 | 400.00 | 3082 | 0.13 | 2.00 | 6174.592 |
| Tata Consumer | 4.99 | 400.00 | 1155.3 | 0.35 | 5.33 | 6163.066 |
| Tata Elxsi | 0.87 | 400.00 | 5544 | 0.07 | 0.95 | 5250.506 |
| Tata Commercial | 7.40 | 0.00 | 250 | 0.00 | 7.40 | 1850 |
| Tata Motors | 7.40 | 400.00 | 403.3 | 0.99 | 8.39 | 3383.785 |
| TCS | 1.44 | 400.00 | 3063.2 | 0.13 | 1.57 | 4821.824 |
| Titan | 1.53 | 400.00 | 3714.9 | 0.11 | 1.64 | 6096.797 |
| Torrent Pharma | 1.58 | 400.00 | 3581.4 | 0.11 | 1.69 | 6067.359 |
| Trent | 0.98 | 400.00 | 4789.6 | 0.08 | 1.06 | 5082.968 |
| Tube Investments | 1.74 | 400.00 | 3159.2 | 0.13 | 1.86 | 5884.9 |
| Varun Beverages | 10.29 | 400.00 | 461.4 | 0.87 | 11.16 | 5147.714 |
| Zomato | 21.85 | 400.00 | 326.6 | 1.22 | 23.07 | 7535.773 |
*This month we had a demerger in Tata Motors. The new scrips are Passenger vehicles and Commercial vehicles, and the shareholders of Tata Motors will get one share each for the one share held before demerger. I have kept the Passenger vehicles in this report as Tata Motors at the current list price. In addition, I have added the Commercial vehicles shares at the difference in Tata Motors’ price before and after demerger. Shekhar cannot buy the unlisted shares, so he invests in the listed ones for this month. We had dividends coming in from Aarti Pharma, and Metro Shoes. We are assuming a reinvestment of the dividends in the same stocks.
| Invested Amount | 280000 |
| Current Value | 293999.8 |
The market’s bounce has cheered all three. Muthu still leads—but only by INR 64.90 over Indu. That close. But the happiest of the lot this month? Shekhar. He’s still behind by nearly INR 10,000, but his portfolio recovery has kept pace with the other three. Momentum, perhaps. Indu thinks she’ll reclaim the top next month. We’ll see.
The comparison and the graph
| Month | Indu | Muthu | Shekhar | Investment |
| Jan-25 | 100000 | 100000 | 100000 | 100000 |
| Feb-25 | 117247.7 | 115538.4 | 116557.2 | 120000 |
| Mar-25 | 142363.5 | 140184.6 | 138494.2 | 140000 |
| Apr-25 | 165366.2 | 162416 | 163500.4 | 160000 |
| May-25 | 192137 | 191789.2 | 189153.7 | 180000 |
| Jun-25 | 217175.4 | 217913.8 | 213219.9 | 200000 |
| Jul-25 | 232075.9 | 236487.7 | 228753.8 | 220000 |
| Aug-25 | 251337.4 | 255466.6 | 249173.3 | 240000 |
| Sep-25 | 270980.7 | 275483.7 | 264876.9 | 260000 |
| Oct-25 | 304457.6 | 304522.5 | 293999.8 | 280000 |
Three quarters in, and there’s barely a whisker between the top two strategies. Shekhar’s portfolio, always the underdog, is gaining ground. It’s never led the pack—but with this month’s bounce, he believes his time may be near.
Let’s see if Nifty holds its momentum this time. And if it does—will Shekhar’s fortunes finally turn?
Disclaimer: I hold all the stocks and mutual funds mentioned on this page in my personal portfolio.